What is the difference between Uniswap and Curve?

Uniswap is a general-purpose AMM designed for swapping any ERC-20 token pair, using concentrated liquidity for capital efficiency. Curve is specialized for stablecoin and like-asset swaps (e.g., USDC to USDT, stETH to ETH) using its StableSwap algorithm, which delivers much lower slippage for correlated assets. Use Uniswap for general token swaps and Curve when trading between stablecoins or similar-value assets.

Which DEX has the lowest fees?

Raydium on Solana has the lowest total cost per swap because Solana's transaction fees are under $0.01. Curve has the lowest trading fees for stablecoin swaps (0.01%–0.04%). Uniswap offers multiple fee tiers (0.01%–1%) but Ethereum mainnet gas costs ($1–$30) can make small swaps expensive. On Ethereum L2s like Arbitrum or Base, Uniswap gas costs drop to $0.01–$0.10.

What is the best DEX for stablecoin swaps?

Curve is the best DEX for stablecoin swaps. Its StableSwap algorithm is specifically designed for trading between assets of similar value — like USDC to USDT or stETH to ETH — with minimal slippage and very low fees (0.01%–0.04%). For the best rates, use an aggregator like 1inch which checks Curve along with other DEXs automatically.

Is Raydium safe to use?

Raydium is one of the largest and most established DEXs on Solana with over $1B in total value locked. Its smart contracts have been audited. However, like all DeFi protocols, it carries smart contract risk. Raydium was exploited in December 2022 due to a compromised private key, but has since improved its security practices. Always verify you are using the official Raydium website and be cautious with new or unverified token pairs.

What is impermanent loss on a DEX?

Impermanent loss (IL) happens when you provide liquidity to a DEX pool and the price ratio of your deposited tokens changes. The more the price diverges from when you deposited, the more IL you experience compared to simply holding the tokens. Concentrated liquidity positions (Uniswap V3, Raydium CLMM) have higher IL risk because the range is narrower. Stable pairs on Curve have very low IL because the assets stay close in value. IL becomes permanent when you withdraw your liquidity.

Uniswap vs Curve vs Raydium — DEXs Compared (2026)

How DEXs work

Instead of order books (like Binance or Coinbase), most decentralized exchanges use Automated Market Makers (AMMs). Liquidity providers deposit tokens into pools, and traders swap against those pools. The fees from each swap go to the liquidity providers as a reward for supplying capital.

This model removes the need for a central counterparty — anyone can trade, and anyone can provide liquidity. But each DEX implements AMMs differently, with trade-offs in fees, slippage, capital efficiency, and which tokens are supported. Learn more about how this works in our guide to liquidity pools.

Uniswap

Uniswap is the original AMM, launched in 2018, and remains the dominant decentralized exchange on Ethereum and its Layer 2 networks.

Uniswap V3 introduced concentrated liquidity — LPs provide liquidity within specific price ranges instead of across the entire curve, dramatically improving capital efficiency.
Uniswap V4 (coming) will introduce hooks, allowing developers to customize pool logic with features like dynamic fees, on-chain limit orders, and more.
Networks: Ethereum mainnet plus major L2s including Arbitrum, Base, Optimism, and Polygon.
Fee tiers: 0.01%, 0.05%, 0.30%, and 1% — pool creators choose the tier that fits the pair's volatility.
Governance: UNI token holders vote on protocol changes and treasury allocation.
Deepest liquidity for most ERC-20 pairs, making it the default choice for Ethereum-based swaps.

Best for: General token swaps, especially within the Ethereum ecosystem. If you're trading any ERC-20 token, Uniswap likely has the deepest liquidity. Learn more about Uniswap →

Curve

Curve is specialized for stablecoin and like-asset swaps — pairs like USDC↔USDT, stETH↔ETH, and other correlated assets where minimal slippage matters most.

StableSwap algorithm: Designed specifically for assets that should trade near 1:1. Delivers much lower slippage than Uniswap for stablecoin pairs.
Curve V2 (CryptoSwap): Extended Curve's model to volatile pairs, but the protocol is still best known and most used for stables.
CRV token + veTokenomics: Users lock CRV as veCRV to earn boosted rewards and governance power. This created the "Curve wars" — protocols competing to accumulate CRV emissions to attract liquidity to their pools.
Multi-chain: Available on Ethereum, Arbitrum, Polygon, and other networks.

Best for: Swapping between stablecoins or correlated assets with minimal slippage. If you're moving between USDC and USDT, or stETH and ETH, Curve will almost always give you the best rate.

Raydium

Raydium is the leading DEX on Solana, combining AMM pools with order book integration for a hybrid trading model.

Hybrid AMM + order book: Raydium integrates with OpenBook (Solana's on-chain order book), combining AMM liquidity with limit-order liquidity for tighter spreads.
Concentrated liquidity (CLMM) pools: Similar to Uniswap V3, LPs can concentrate capital in specific price ranges.
Ultra-low fees: Trading fees around 0.25%, and Solana's gas costs are under $0.01 per transaction — making even small swaps economical.
AcceleRaytor: A launchpad for new Solana tokens, giving Raydium users early access to new projects.
RAY governance token: Used for staking and governance decisions.
Competes with Orca, Solana's other major AMM, which offers a simpler concentrated liquidity experience.

Best for: Trading on Solana, especially memecoins and newly launched tokens. If your tokens are on Solana, Raydium (or the Jupiter aggregator) is where you'll trade them.

Comparison table

	Uniswap V3	Curve	Raydium
Blockchain	Ethereum + L2s	Ethereum + L2s	Solana
AMM type	Concentrated liquidity	StableSwap + CryptoSwap	CLMM + Order book
Best for	General swaps	Stablecoin swaps	Solana trading
Fee tiers	0.01% – 1%	0.01% – 0.04% (stables)	~0.25%
Gas cost per swap	$1–30 (mainnet), $0.01–0.10 (L2s)	$1–30 (mainnet)	<$0.01
Governance token	UNI	CRV	RAY
Concentrated liquidity	✓	✓ (V2)	✓ (CLMM)
Stablecoin optimization	—	✓	—
Order book integration	—	—	✓
Impermanent loss risk	Higher (concentrated)	Lower (stable pairs)	Higher (concentrated)
TVL	$5B+	$2B+	$1B+

When to use which

Swapping ETH ↔ USDC on Ethereum → Uniswap — deepest liquidity for general ERC-20 pairs.
Swapping USDC ↔ USDT or stETH ↔ ETH → Curve — lowest slippage for correlated assets.
Swapping any token on Solana → Raydium or Jupiter (aggregator) — fastest and cheapest execution.
For the best rates on any swap, use an aggregator: 1inch (Ethereum) or Jupiter (Solana). Aggregators check all DEXs and route your trade through whichever path gives you the most output.

Providing liquidity

Each DEX offers different trade-offs for liquidity providers:

Uniswap V3: Higher returns are possible with concentrated liquidity, but impermanent loss risk is higher and positions require active management. You need to set and adjust your price range as the market moves.
Curve: Safer for stable pairs where impermanent loss is naturally low. CRV rewards can be attractive, but the veTokenomics system is complex — maximizing returns requires understanding veCRV locking, gauge voting, and boost mechanics.
Raydium: Low per-swap fees mean you need high volume to earn meaningful returns, but Solana's near-zero gas costs make rebalancing and compounding positions very cheap.

Learn more about the risks of providing liquidity in our guide to impermanent loss.

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